News Summary: Icahn gives up Dell takeover fight

News Summary: Icahn gives up takeover fight for PC maker Dell

Associated Press

HAD ENOUGH: Billionaire investor Carl Icahn said Monday he was ending his opposition to Michael Dell's bid to take over the struggling computer maker he founded.

RATIONALE: Icahn said in a letter to shareholders that he still thinks Michael Dell's bid to take his company private undervalues the business and freezes shareholders out of any future gains. But Icahn also said it would be "almost impossible" to defeat that offer in a vote Thursday.

THE BID: An investment group led by Michael Dell has offered $13.75 per share plus a 13-cent dividend to buy out other shareholders.

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